Created in 1985, The institute of Private Enterprise Development focuses on improved livelihoods by building sustainable micro and small enterprises through finance and advisory services. Operated as a non-profit, tax-exempted, non-governmental organization, the goals of IPED include (but are not limited to) the following:
• Development of a culture of entepreneurship
• Providing timely financing
• Providing technical and managerial support services
• Promotion of sustainable environmental practices and technologies
IPED provides business guidance, technical assistance, training and finance to micro and small business entrepreneurs enabling them to build sustainable enterprises.
Improved livelihoods by building sustainable micro and small enterprises
The services we provide, as an Institution, must contribute to poverty reduction and wealth creation as such we must always employ responsible practices towards our clients and employees.
The Institute of Private Enterprise Development is a company limited by guarantee and registered as a not-for profit Company under the Companies Act.
In the 1970’s and up to 1985, the State progressively involved itself in business with the intention of owning and controlling the economy. This process tended to exclude those who could not fit into entities or who desired to do their own business. As a result, unemployment and under-employment grew with grave social and economic consequences.
Messrs. Yesu Persaud and Wilfred G. Stoll, two very capable and concerned businessmen recognized the absolute necessity for the culture of Free Enterprise which has been under attack for a generation and the need for it to be re-created. One of the surest ways of re-creating this culture was by stimulating the emergence of small businesses and self-employment.
The Pan American Development Foundation (PADF) was approached for funding and they threw out the challenge that they would fund ½ Million Guyana Dollars if the Guyanese could match that sum. At the same time, also, Foundation for International Training (F.I.T) was approached and they offered to finance two Counsellors who were duly installed soon after the institution was established.
The Institute of Small Enterprise Development as it was then called, was incorporated in 1985 and formally launched on January 10, 1986 at 240 Camp Street, South Cummingsburg, Georgetown. On April 01, 1986 the institute officially opened its doors for business. The institute operated with a staff of one, Mr. Jeff Adiken, who performed the duties of Manager, Accountant, Counsellor, Project Officer, and Messenger all combined into one. Soon, however, further help was provided with staff numbering a total of five in its first year.
With the help and support of the Government of Guyana, United States of America, Canada, and the United Kingdom, the Institute expanded rapidly to be the principal provider of finance and technical assistance to the small and micro enterprise sector in Guyana today.
To reflect its expanded role, the name of the Institute was changed on September10th, 1991 to Institute of Private Enterprise Development Limited. Since then, the Institute has been moving from strength to strength, increasing the ambit of its loans and providing training in Management, Accounting, Marketing and Technical Services to both staff and clients as attested to by its annual performance.